Taiwan shares plunge to six-week low, other Asian stocks steady
TMSC down 6.5%, drag Taiwan shares lower
Most regional equities set for weekly loss
Rupiah at two-week low; cenbank intervenes
U.S. PCE data in focus
Updates at 0637 GMT
By Shivangi Lahiri
July 26 (Reuters) -Taiwan stocks languished near a six-week low onFriday as investors there joined the global tech rout on worries of stretched valuations, while other regional equities trended higher recovering from the previous session's losses.
TSMC 2330.TW, the world's largest contract chipmaker and major Apple AAPL.O supplier, tumbled 5.6% in its worst session since mid-April, dragging Taiwan's benchmark .TWII 3.3% lower. The benchmark was set to log a second straight weekly loss, falling 3.3%.
The Taiwanese market was shut for the last two days due to Typhoon Gaemi.
MSCI's gauge of Asian emerging market equities .MIMS00000PUS was down 0.4% atits lowest level since mid-June. TSMC makes up just over 12% of the index. A broader index of Asian shares .MIAP00000PUS extended its 1.9% drop from the previous day.
Both indexes were also headed for a second successive weekly loss.
Investors have been fleeing out of global tech stocks overconcerns about escalations in U.S.-China trade tensions, implications of a Donald Trump presidency, lacklustre megacap earnings and valuation concerns.
However, someanalysts say the decline is also a course correction after the rally through to June when markets touched record highs.
"Some technology valuations are a bit stretched and we are seeing some sort of correction on that front," Michael Wan, senior currency analyst at MUFG said.
"Taiwan and South Korea should benefit from a fundamental perspective from greater improvement in electronic exports, notwithstanding the stretched equity valuations we see right now," Wan added.
Investors now await U.S. personalconsumption expenditure data - theFederal Reserve's preferred measure of inflation - due later in the day.
The Fed meets next week and CME's FedWatch tool currently showsa 100% chance it will begin easing interest rates in September.
Elsewhere, shares in Jakarta .JKSE rose 0.5%, while those in Manila .PSI advanced 0.6% after resuming trade following a two-day break because of the typhoon. South Korean shares .KS11 recovered from their six-week low, advancing 0.8%.
In Singapore, stocks .STI and the dollar SGD= were largely unchanged after the monetary authority kept its policy settings unchanged as it expects the economy to strengthen over the rest of 2024.
Most regional equities were headed for weekly losses, with South Korean shares set to decline for the third consecutive week.
Among currencies, the South Korean won KRW=KFTC and the Indonesian rupiah IDR= slipped around 0.3% and 0.2%, respectively, while the Philippine peso PHP= rose 0.2%.
The rupiah's fall to a two-week low of 16,295 per dollarprompted the central bank to intervene in the foreign exchange market. Late last month, the currency had depreciated to its weakest since April 2020 before recovering over the past three weeks.
HIGHLIGHTS:
** Indonesia's 10-year benchmark yield ID10YT=RR at 6.892%
** Japan urges G20 vigilance against excessive FX fluctuations
** POLL-Investors turn long on Singapore dollar after 7 months; bearish bets on Asian FX ease
Asia stock indexes and currencies at 0637 GMT | ||||||
COUNTRY | FX RIC | FX DAILY % | FX YTD % | INDEX | STOCKS DAILY % | STOCKS YTD % |
Japan | JPY= | +0.16 | -8.22 | .N225 | -0.53 | 13.16 |
China | CNY=CFXS | -0.08 | -2.11 | .SSEC | -0.27 | -3.23 |
India | INR=IN | -0.02 | -0.61 | .NSEI | 0.98 | 13.41 |
Indonesia | IDR= | -0.31 | -5.52 | .JKSE | 0.51 | 0.06 |
Malaysia | MYR= | +0.11 | -1.40 | .KLSE | -0.12 | 10.90 |
Philippines | PHP= | +0.27 | -5.19 | .PSI | 0.62 | 4.06 |
S.Korea | KRW=KFTC | -0.20 | -7.06 | .KS11 | 0.78 | 2.89 |
Singapore | SGD= | +0.05 | -1.75 | .STI | 0.03 | 5.90 |
Taiwan | TWD=TP | +0.01 | -6.40 | .TWII | -3.29 | 23.36 |
Thailand | THB=TH | +0.33 | -5.33 | .SETI | 0.64 | -8.19 |
Graphic: World FX rates https://tmsnrt.rs/2RBWI5E
Asian stock markets https://tmsnrt.rs/2zpUAr4
Reporting by Shivangi Lahiri in Bengaluru; Editing by Eileen Soreng
Asset collegati
Ultime news
Disclaimer: le entità di XM Group forniscono servizi di sola esecuzione e accesso al nostro servizio di trading online, che permette all'individuo di visualizzare e/o utilizzare i contenuti disponibili sul sito o attraverso di esso; non ha il proposito di modificare o espandere le proprie funzioni, né le modifica o espande. L'accesso e l'utilizzo sono sempre soggetti a: (i) Termini e condizioni; (ii) Avvertenza sui rischi e (iii) Disclaimer completo. Tali contenuti sono perciò forniti a scopo puramente informativo. Nello specifico, ti preghiamo di considerare che i contenuti del nostro servizio di trading online non rappresentano un sollecito né un'offerta ad operare sui mercati finanziari. Il trading su qualsiasi mercato finanziario comporta un notevole livello di rischio per il tuo capitale.
Tutto il materiale pubblicato sul nostro servizio di trading online è unicamente a scopo educativo e informativo, e non contiene (e non dovrebbe essere considerato come contenente) consigli e raccomandazioni di carattere finanziario, di trading o fiscale, né informazioni riguardanti i nostri prezzi di trading, offerte o solleciti riguardanti transazioni che possano coinvolgere strumenti finanziari, oppure promozioni finanziarie da te non richieste.
Tutti i contenuti di terze parti, oltre ai contenuti offerti da XM, siano essi opinioni, news, ricerca, analisi, prezzi, altre informazioni o link a siti di terzi presenti su questo sito, sono forniti "così com'è", e vanno considerati come commenti generali sui mercati; per questo motivo, non possono essere visti come consigli di investimento. Dato che tutti i contenuti sono intesi come ricerche di investimento, devi considerare e accettare che non sono stati preparati né creati seguendo i requisiti normativi pensati per promuovere l'indipendenza delle ricerche di investimento; per questo motivo, questi contenuti devono essere considerati come comunicazioni di marketing in base alle leggi e normative vigenti. Assicurati di avere letto e compreso pienamente la nostra Notifica sulla ricerca di investimento non indipendente e la nostra Informativa sul rischio riguardante le informazioni sopra citate; tali documenti sono consultabili qui.
